A company that helps companies manage and sell cryptocurrency in India is planning to raise $2 billion through its next round of funding.
The company, which will be called BitMEX, aims to be a bitcoin wallet provider that helps small and medium businesses, and has already raised a total of $1.2 billion in funding from investors including Andreessen Horowitz, Union Square Ventures and Founders Fund.
It is also seeking to raise additional funding through new financing sources.
The company’s initial investors include Andreessen, Union, Founders Fund and Andreessen.
Its target customers are companies that sell cryptocurrency, such as financial institutions and merchants.
According to a press release, BitMex plans to use bitcoin for its wallets and payments, but it has not set an expected timeframe for launching its own currency.
The firm is also planning to launch a mobile wallet service in India, but has not specified a timeframe.
The service will allow businesses to accept bitcoin payments in both Indian and foreign currencies.
BitMEX says that it has received commitments from three of the five largest bitcoin exchanges in India.
The first two exchanges, BTC-e and BitMinter, have signed up to provide the company with its first payment processor in India; BitPay is also working on a mobile payments platform.
The third company, BitFlyer, has agreed to accept payment from the firm for its Bitcoin Exchange platform.
According to the press release issued by the company, the company’s aim is to expand into other industries in India by bringing its payment services to the Indian marketplace.